Ademi LLP investigates TriCo Bancshares deal with First Hawaiian over fairness to public shareholders

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2▲0 ▼1Impact / 5
Summary · why it matters

Ademi LLP is investigating TriCo Bancshares for possible breaches of fiduciary duty in its recently announced transaction with First Hawaiian. TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share based on First Hawaiian's closing stock price on July 10, 2026. Upon closing, First Hawaiian shareholders are expected to own approximately 65% of the combined company, with TriCo shareholders holding the remaining 35%. The investigation focuses on whether the TriCo board is fulfilling its fiduciary duties, noting that TriCo insiders will receive substantial benefits as part of change of control arrangements and that the transaction agreement imposes a significant penalty if TriCo accepts a competing bid.

Impact on assets 2

Financials▼
TriCo Bancshares
TCBK
▼ NegativeCapitalrelevance

Investigation into possible breaches of fiduciary duty by TriCo board, with insiders receiving benefits and a significant penalty for competing bids, raising concerns about shareholder fairness.

First Hawaiian Inc
FHB
± MixedCapitalrelevance

First Hawaiian is the acquirer; the investigation targets TriCo's board, not First Hawaiian, but the deal structure and potential litigation could affect the transaction.